Chinese solar PV cell and module producer Yingli Energy (China) Company Limited or Yingli Solar is getting ready for a comeback after the company undertook major restructuring over the last few years. Having become 'financially healthy again', it now plans to invest in enhancing its production capabilities.
By the end of 2021, it plans to significantly upgrade manufacturing by incorporating latest technologies, the company announced without sharing further details. It will expand cell production capacity to 5 GW, and increase PV module production to 10 GW. Within the next 2 years, it wants to improve module production capacity to 15 GW, shared the company.
The announcement follows a previous declaration it shared in October 2020 when it said Yingli Solar plans to invest RMB 1.7 billion to expand its annual solar module production capacity by 5 GW in China's Hebei province (see Yingli Solar Going In For 5 GW Solar Module Capacity).
Once a formidable name in the international solar PV industry as a top notch solar module player, Yingli Solar suffered financially over the years owing to its ballooning debt. However, now it claims the debt owed to financial creditors has all been converged to equity. A local government owned investment platform has contributed $312.8 million, it added and that its strategic investors are willing to invest $625.6 million.
It underwent a complete change with a new board of directors and management team announced and approved during its 1st general meeting of shareholders and directors held in April 2021. Yingli Solar shared that as a result of its restructuring, its debt asset ratio has come down to 59.26% (see Judicial Debt Restructuring For China's Yingli).
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